The JSW Group announced on Tuesday that it has signed an agreement with the Maharashtra Government at the World Economic Forum in Davos to invest ₹3 trillion ($34.67 billion) in the state.

According to a statement, the group will focus on key sectors such as renewable energy, electric vehicles, batteries, steel and green energy sectors.

It will expand and enhance steel manufacturing capacities, set up green energy projects, establish advanced manufacturing units for new-age electric vehicles, develop facilities for high-performance EV batteries and drive Maharashtra’s infrastructural transformation.

The group said the strategic initiative aims to create thousands of jobs, enhance industrial capabilities and contribute to sustainable economic growth.

As per the MoU, the state government will facilitate the investment by expediting clearances, providing fiscal incentives and ensuring the availability of land, water, power, and other infrastructure.

Speaking on the occasion, Maharashtra Chief Minister Devendra Fadnavis said: “Signing of an MoU with JSW Steel, a company with diverse investments across key sectors such as steel, solar, auto, and cement in Maharashtra, is a significant step in fulfilling our vision to developing Gadchiroli as the ‘steel city’ of India.”

JSW said that as part of the agreement, the Maharashtra government will offer fiscal incentives and expedite clearances for the group’s projects.

“This investment will not only boost industrial development but also drive India’s green transition with sustainable technologies, clean mobility and renewable energy solutions,” said JSW Group Chairman Sajjan Jindal.

The partnership is poised to reinforce Maharashtra’s position as a top investment destination, aligning with the State’s vision of inclusive and sustainable economic development.